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| Our Featured Client Hats off to FARIS FOODS for being our Featured Client. Faris Foods, family owned by Ali and Fari Fallahnejad, is a Specialty Food Distributor located in Philadelphia and a long standing client of Hands on Accounting. They are being honored for the amazing improvement of turning in their work in a timely manner, answering all questions completely, and using Hands on Accounting’s Pay Bill online feature. Congrats FARIS FOODS for a job well done! ! |
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| GREAT STOPS ON THE WEB www.job-hunt.org/supersites The Webs BEST Employment site! Very user friendly and top rated. Job-hunt.org assists in finding good, available jobs, using specific keywords & locations to narrow your search. Job-Hunt collects thousands of postings & identifies employers in a target geography. Everything is easy with Job-Hunt. They have an Online Job Search Tutorial available to help you. www.educationoasis.com A great web site for kids and parents. Education Oasis offers educational activities, games, experiments, arts and craft idea, and book recommendations along with coloring pages. Check it OUT! |
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Men’s Clothing: • Pants: $4.00-$12.00 • Shirts: $3.50-$10.00 • Sweaters: $4.00-$10.00 • Jacket: $6.00-$30.00 • Overcoat: $10.00-$50.00 • Suits: $12.00-$60.00 • Belts/ties: $3.00-$6.00 • Shoes: $4.00-$30.00 Household Items: Blankets: $3.00-$10.00 Bedspreads: $6.00-$30.00 Curtains: $4.00-$12.00 Drapes: $8.00-$40.00 Throw Rugs: $3.00-$12.00 TV: $10.00-$80.00 Sofa: $20.00-$150.00 Lamps: $6.00-$25.00 End Table: $12.00-$60.00 Coffee Table: $10.00-$50.00 Double Bed: $20.00-$60.00 Single Bed: $15.00-$40.00 Paintings/Pictures: $6.00-$30.00 Miscellaneous Items: • Riding Mower: $80.00-$200.00 • Push Mower: $12.00-$100.00 • Power Edger: $6.00-$60.00 • Snow blower: $50.00-$150.00 • Sewing Machine: $10.00-$60.00 • Vacuum Cleaner: $15.00-$50.00 |
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Women’s Clothing: • Blouses: $3.50-$10.00 • Dresses: $5.00-$15.00 • Coats: $10.00-$50.00 • Jackets: $6.00-$30.00 • Sweaters: $4.00-$10.00 • Slacks: $4.00-$10.00 • Fur Coats: $20.00-$200.00 • Handbags: $3.00-$20.00 • Shoes: $4.00-$15.00 • Boots: $4.00-$20.00 Children’s Clothing: • Jeans: $2.00-$6.00 • Pants: $2.00-$6.00 • Jackets: $4.00-$15.00 • Snowsuits: $6.00-$12.00 • Dresses: $3.00-$6.00 • Shirts: $2.00-$6.00 • Sweaters: $2.00-$6.00 • Shoes: $2.00-$6.00 • Boots: $3.00-$8.00 Sporting Goods: Bicycle: $6.00-$50.00 Roller Skates: $6.00-$20.00 Sleds: $6.00-$20.00 Fishing Rods: $6.00-$30.00 |
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The News on Tax-Free Employer Provided Health Coverage Starting in 2010 and continuing until 2013, eligible small business employers (less than 25 employees and annual wages of less than $50,000) will receive up to a 35% tax credit on contributions to their employee’s health insurance premiums. Also included in this Act, parents can now cover adult children up to the age of 26 under their tax-qualified employer-provided health plan. Employers with cafeteria plans (plans that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits) will allow employees to begin making pre-tax contributions to pay for this expanded benefit. Self-employed individuals may qualify for the self-employed health insurance deduction on their federal income tax return. These changes give employers a unique opportunity to offer a worthwhile benefit to their employees. Starting in 2011 states will receive funding to establish the web-based state insurance exchanges, called Small Business Health Options Programs (SHOP). Exchanges will allow small businesses to form alliances and purchased insurance policies together at reduced rates. There’s a lot more to be found out at www.irs.gov. |
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| Student Loan Interest: Who Claims it… Always a confusing topic during tax season is the question of Student Loan Interest and who claims it (the student or the parent). You can take an above the line deduction of up to $2,500 per year (income phase-outs apply) on Student Loan Interest. A qualified student loan is one taken out to pay qualified higher education expenses for you, your spouse, or a person who was your dependent when you took out the loan. If your child is a dependent on your return, then the child MAY NOT deduct the interest on their return. Furthermore, the parent MAY NOT deduct the interest where the student is the borrower-legally obligated to repay the loan. During college, either the student and/or the parent can take out a student loan to cover educational expenses. If the student takes out the loan, while they are a dependent on their parent’s return, they MAY NOT deduct Student Loan Interest. Most students elect to defer the interest until after they graduate. Typically, after they graduate, they are no longer a dependent on their parent’s return and accordingly, can begin deducting Student Loan Interest on their own return. In addition to the student taking out loans, many parents also take out Student Loans. In this case, the parent deducts the Student Loan Interest both while the student is in school and after the student graduates. Again, note one loan is the student’s loan (deductible by the student if they are NOT claimed on the parent’s tax return or the time period after they are no longer a dependent on their parent’s return) and the other loan is the parent’s (deductible by the parent at all times). |
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| Our Helpful Staff Eric Catalina, CPA Vinese Goldschmidt Jennifer Quinn |
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| Hands on Accounting 39A South Broadway, 2nd Floor Gloucester, NJ Phone #: 856-456-6111 Fax #: toll free 866-929-9873 |
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| Our Newsletter |
| Donating Items During tax season we are always asked how to determine fair market value of items donated to Goodwill, Purple Heart, Vietnam Veterans or other Charitable Organization. When donating items always make sure items are in good, used condition or better, always get a receipt and use the following range when figuring out the fair market value of what you donated for your taxes. For your convenience, check out www.goodwillpeo.org or www.bankrate.com for a helpful list. |